Milan squad value tops €300m as accounts confirm record Ramos fee

Milan’s squad is now worth more than €300m on paper, after a period of heavy spending laid out in the club’s latest accounts.

According to Calcio e Finanza, Milan spent €241.7m on player registrations in the 2025-26 financial year, which ended on 30 June. That raised the book value of the squad to €300.4m, up from €200.9m a year earlier.

The outlay came in a season without European football, which ended with Milan missing out on the Champions League in their final-day home game against Cagliari.

Gonçalo Ramos becomes Milan’s record signing

The biggest deal was Gonçalo Ramos, who joined from Paris Saint-Germain this summer for €73.1m, the highest fee in the club’s history. Christopher Nkunku (€37.9m) and Ardon Jashari (€35.7m) were next, while Diego Moreira’s move, worth more than €51m, will appear in next year’s accounts.

Sales brought in €86.6m in capital gains, up from €55.9m. The biggest contributors were Malick Thiaw’s €34.1m move to Newcastle and Theo Hernández’s €25m switch to Al Hilal.

Milan also wrote down Santiago Gimenez’s value to just under €18m, the fee Porto are reportedly due to pay to make his loan permanent, so the club avoids recording a loss on the sale.

Spending on player wages fell from €125.5m to €107.4m, though the cost of coaching staff rose from €6.2m to €16.2m following Massimiliano Allegri’s arrival.